Boingo (WIFI -23.2%) crashes after missing Q2 estimates and guiding for 2012 revenue of...

|About: Boingo Wireless (WIFI)|By:, SA News Editor

Boingo (WIFI -23.2%) crashes after missing Q2 estimates and guiding for 2012 revenue of $108M-$111M and EPS of $0.22-$0.27, below a consensus of $111.2M and $0.29. Deutsche is downgrading Boingo, arguing visibility is limited and the lowered guidance may still be difficult to achieve. The spread of ad-supported Wi-Fi hotspots could be affecting Boingo; ahead of the report, the company announced it's buying Cloud Nine Media, a provider of ad-supported Wi-Fi, to address this market.